Almost ready to fire up this Crosley, but I noticed a little copper wire is sticking out of the top plate of the transformer!! Should I be worried about this? I am getting good reading from the transformer also!!

It is a little hard to tell because the picture is blurry, but that would definitely be a concern and good catch on your part. It may be nothing, but if I was you I would take loose the bolts that hold that top cover in place and pop that top cover off to see what is going on.

Hard to tell from picture, but you can remove all the tubes, check carefully if AC on each plate connection of rectifier is about equal, filament voltage exists, and the transformer does not get hot after a half hour or so. Some transformers do have a center tap from filament attached to the core, don't know without transformer, but easy enough to measure from any windings. I doubt if it would be connected where you spotted it though. But 1935 was long long ago. If you need to, as suggested, remove the bells gently and look further. Use WD40 or whatever to ease the removal of the nuts, and soak the nuts and bolts in oil before re-assembly. You can use appropriate shrink wrap to firm up the insulation of the leads should you deem it needed. If everything checks out, great time to strip and repaint the bells!

This is what I found in the transformer!! I think its ok!! Maybe just a center tap!! I did not smell any burnt smell from the transformer!! Any opinions?? Sorry for the blurry pic my camera is not that good!!

This is what I found in the transformer!! I think its ok!! Maybe just a center tap!! I did not smell any burnt smell from the transformer!! Any opinions?? Sorry for the blurry pic my camera is not that good!!

Sorry, I really can't tell what is what, but I get the impression it really is a wire connected to the windings in some way. If so, I would tape it up and tuck it back up against the windings where it won't get pinched under the bell housing when you reinstall it and won't short to anything else. It may still be nothing or just some stray unconnected wire, but pinched under the bell housing just isn't normal.

That wire is for the "sheild" wrap in the tranformer, does not connect to anything other than that, I have one on this stancor here, and there was one on the truetone D 699 original transformer I installed. I read it somewhere, got to find it.

That wire is for the "sheild" wrap in the tranformer, does not connect to anything other than that, I have one on this stancor here, and there was one on the truetone D 699 original transformer I installed. I read it somewhere, got to find it.

So is it supposed to connect to the case? I've seen some with that sort of thing but I think they all had a big copper strap they connected to. I had not seen a wire just hanging out of the bell housing.

Make sure the grounds of the new electrolytic capacitors go to where the can cap was grounded in order to prevent a ground loop from occouring. Easiest way to do that is if the original can cap is still installed just solder the grounds (or a single wire if capacitors are soldered to terminal strips) of the capacitors to one of the ground tabs on the can capacitor.